Bitcoin consolidates right below Fib level that triggered 2013 all-time highs

Nov 7, 2021 | CoinTelegraph News | 0 comments

Technical data contrasts with sideways price action as analyst warns not to sell BTC at $62,000.

Bitcoin (BTC) continued to track sideways on Nov. 7 amid warnings that now is “not the time” to sell BTC.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

“Not the time to be selling”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering near $62,000 throughout Sunday.

The pair had continued a flat period over the weekend, as market participants waited for signs of volatility up or down.

While impatience was palpable as the week drew to close, words of caution came from those eyeing longer timeframes and historical price patterns.

“What goes on during a sideways period for BTC like now? Buyers & sellers are exchanging coins with each other. Buyers buy a bit. Sellers sell a bit,” Rekt Capital summarized to Twitter followers.

“But if you think about where $BTC will go over the next months: You realise now is not the time to be selling.” 

Others eyed the weekly close for signs of bullishness. For fellow popular Twitter account TechDev, a two-week close over a key Fibonacci level would mean BTC/USD was echoing its progress fro

“Closing a 2-week candle above the 1.618 is what fully sent 2013. Consolidating right below now,” he noted Saturday.

At the same time, the price-performance between 2017 and 2021 remains uncannily similar — firmly placing this year within historical norms, as Cointelegraph reported.

BTC/USD comparison. Source: TechDev/ Twitter

Price highs meet lows in attention

Looking beyond immediate market behavior, the mood remained undeniably bullish — not only on Bitcoin, but Ether (ETH), Solana (SOL), and altcoins more broadly.

Related: Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target

Amid continued sky-high price predictions, ETH/USD continued to build on recent all-time highs, while others in the top ten cryptocurrencies by market cap retained record peak levels.

Only consumer interest, as before, lagged behind market momentum. Data from Google Trends for “Bitcoin” highlighted the lack of activity related to price action.

Google search activity for “Bitcoin.” Source: Google Trends

News Source from

Related Articles

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu has been on the rebound since this week opened up for trading. The meme coin had not had the best of weeks as it had dipped to the $0.00003 range following the market crash. The dips have caused some to panic and question the viability of the cryptocurrency...

FTX.US adds support for Ethereum-based NFTs to its marketplace

FTX.US adds support for Ethereum-based NFTs to its marketplace

After hinting that this feature would come soon, the U.S.-based crypto exchange FTX.US now allows users to buy, sell and display Ethereum NFTs on its previously Solana-only non-fungible token (NFT) marketplace.  According to a tweet from the exchange, Wednesday marks...

Pin It on Pinterest

Share This